2020 Integrated Annual Report

and Consolidated & Separate
Financial Statements

2020 Highlights

Distributable income excluding the direct impact
of Covid-19, of 664 cents per share, in line with guidance provided in September 2019


direct impact reduced distributable income by R434 million, to 493 cents per share


Balance sheet remains healthy despite a reduction of R4.0 billion (13.9%) in the value of the property portfolio
All banking covenants met at 30 June 2020

Steps taken to strengthen the balance sheet

US Dollar-denominated debt reduced by $271 million


Cash of R1.2 billion retained from distributable income to repay debt


Good progress made on the
repositioning of the SA portfolio

Relet 15 640m2 of the Edcon exposure and agreed terms with
the new owners of the CNA, Edgars and Jet stores (48 369m2)


Three new Checkers FreshX stores secured


Solar projects completed at Woodlands, The Glen and Atterbury Value Mart

Hystead acquired the remaining 10% interest in City Center One East and City Center One West in Zagreb, Croatia

Positive progress made in exiting the
sub-Saharan Africa investments

Achimota and Manda Hill malls sold


Key terms agreed for the sale of Ikeja City Mall

2020 Key metrics


Interest cover ratio (ICR)

Distributable income per share (cps)

*Percentage change excluding Covid-19 direct loss


Loan to value ratio (LTV %)

*Majority of banks use see-through methodology

Hard currency guaranteed equity debt (million)


IFRS NAV per share (R)